To receive Ilya's analysis directly via email, please SIGN UP HERE
- EUR/GBP Technical Strategy: Pending Short
- Support: 0.7911, 0.7873, 0.7834
- Resistance:0.7958, 0.7984, 0.8033
The Euro may be ready to resume its down trend against the British Pound after finding resistance above the 0.8300 figure. Near-term support is at 0.7911, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the July 23 low at 0.7873. Alternatively, a reversal above the 14.6% level at 0.7958 opens the door for a retest of rising trend line support-turned-resistance at 0.7984.
The rising trend line break suggests the corrective upswing initiated in late July has now given way to the dominant downward trajectory. Entering at current levels is unattractive from a risk/reward perspective however and we will opt to establish an order to sell the pair at 0.7972. If triggered, the position will initially target 0.7911 with a stop-loss activated on a daily close above 0.8033.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope 2.0
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.